EarningsQ2 2026 Earnings Report
MX:TRGP Q2 2026 EPS Results
Actual EPS$60.86
Consensus EPS$48.54
Beat/MissBeat by +$12.33
One Year Ago EPS$49.72
MX:TRGP Q2 2026 Revenue Results
Actual Revenue$77.11B
Expected Revenue$83.97B
Beat/MissMissed by -$6.86B
YoY Revenue Growth+11.72%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:TRGP Upcoming Earnings
Targa Resources's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:TRGP Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution and record volumes across the Permian and downstream systems, with significant adjusted EBITDA growth, project progress (multiple plants, fractionators and pipeline expansions), robust liquidity and increased shareholder returns. Key near-term challenges include earlier price-driven shut-ins, per-unit margin pressure in G&P due to commodity sensitivity, moderation of marketing optimization gains in H2, and extended lead times for some project components. On balance, the positive operational momentum, record throughput, project execution and financial strength materially outweigh the disclosed headwinds.Company Guidance
Strong Adjusted EBITDA Performance
Reported adjusted EBITDA of $1.603 billion in Q2 2026, up 14% sequentially and adjusted EBITDA increased ~38% year-over-year. Company now expects full-year 2026 adjusted EBITDA toward the top end of guidance ($5.7B–$5.9B) and suggests 2026 adjusted EBITDA growth over 2025 may be close to $1 billion.
Record Permian Volumes
Permian gas volumes reached a record 7.2 billion cubic feet per day in Q2 2026, +7% versus Q1 2026 and +14% year-over-year (management also referenced ~450 MMcf/d q-o-q and ~900 MMcf/d y-o-y increases). July and early August volumes continued to show strong recovery.
Record Downstream Throughput and Exports
Record NGL transportation volumes of 1.1 million barrels per day and record fractionation volumes of 1.2 million barrels per day in Q2; LPG export loadings averaged a record 14.8 million barrels per month during the quarter.
Execution of Major Projects and Capacity Additions
Train 11 fractionator came online early in Q2 and was highly utilized; Train 12 and Train 13 remain on track. Delaware Express NGL pipeline expansion came online in Q2. East Driver processing plant began service late in Q2 ahead of schedule. Multiple Permian processing plants (Copperhead I & II, Yeti I & II, Roadrunner III) and five plants under construction; Speedway NGL transportation expansion on track for Q3 2027; large LPG export expansion on track for Q3 2027.
Marketing Outperformance
Marketing businesses outperformed expectations by approximately $250 million in the first half of 2026, with much of that outperformance occurring in Q2 (management notes these gains were conservative/not included in original guidance).
Solid Balance Sheet and Capital Allocation
Available liquidity of $3.2 billion and pro forma consolidated leverage ratio ~3.4x (within 3.0–4.0x target). 2026 net growth capital estimate ~ $4.5 billion and net maintenance capital estimate ~$250 million. Declared Q2 common dividend of $1.25 per share, a 25% increase versus Q2 2025, and repurchased ~$80 million of common stock at an average $259.93 per share.
Commercial Momentum and Producer Support
Management reports growing acreage dedications and strong commercial activity behind the integrated wellhead-to-water system, positioning the company to baseload upcoming downstream projects (e.g., Speedway initial 500k bpd capacity) and support continued multi-year growth.
Equity Interests and Project Timing
Equity projects Blackcomb and Traverse (natural gas pipelines) remain on track for Q4 2026 and mid-2027; management expects to benefit from equity earnings as these projects come online.
MX:TRGP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed